For Immediate Release
Bhakti Chai Closes Oversubscribed Investment Round
Growing brand secures over $850K through angel Investors and CircleUp
BOULDER, Colo. (October 3, 2013) —The now nationally distributed chai brand with a cult following continues to make impressive headway in the race to become the most popular and beloved chai in America.
Micro-brewed in Boulder, Colorado, Bhakti Chai announced today that they have completed and oversubscribed a major round of funding after solidifying a number of key investors. Founder and CEO, Brook Eddy, secured investments from numerous independent angel investors around the country, as well as through the accredited investor platform CircleUp, which connects financiers with innovative consumer packaged good companies.
“I invested in Bhakti Chai because I love the opportunity for growth, and the authenticity of the brand,” explains Annie’s CEO John Foraker. “I know how important it is to have a brand that builds trust and loyalty. I see that in Bhakti Chai and am thrilled to have invested in this round.”
Funds from this investment round are earmarked for a number of key initiatives. First, Eddy is focused on building a strong management team, which will include hiring a VP of Sales and Business Manager. In addition, purchasing new equipment to maximize manufacturing efficiencies at their own brewery and bottling plant has been vital towards growth.
“As Bhakti Chai continues to experience triple digit retail sales growth and national expansion, growth capital is crucial for our efforts to disrupt the syrup, powder, and preservative laced chai products and bring FRESH and fiery ginger chai to America,” states Eddy. “Investors were not only impressed with our traction and trajectory but our social mission that continues to illustrate businesses can do the right thing for social and environmental issues while being successful.”
Bhakti Chai enlisted help from CircleUp to secure additional angel investor funding and CEO Ryan Caldbeck explain why they chose Bhakti Chai to include on their platform.
“At CircleUp we feature high-growth consumer and retail brands. We look for a unique product, a brand that resonates with consumers, strong performance and a terrific team. Bhakti Chai has all of those attributes and more. We only accept a very small percentage of applicants and Bhakti Chai is a brand that really stood out. The investors responded and were excited about the opportunity to invest directly. We are extremely proud to have Brook and Bhakti Chai in the CircleUp community.”
The company’s dedication to sourcing 100 percent fresh-pressed organic ginger, authentic Indian spices, Non-GMO project verified ingredients, and Fair-Trade Certified organic black tea has won them national acclaim as the recipient of the 2013 Gold sofi™ Award for Best Hot Beverage, the Silver BevStar Award from Beverage World, and the Bronze from the North American Tea Championship.
The company manufactures two variations of its fresh ginger chai, including concentrate bottles in Original, Unsweetened, Decaf and Coffee Blend, which are to be mixed 1:1 with the consumer’s choice of milk and 16-ounce Iced Bhakti Chai ready-to-drinks. In addition, Bhakti Chai created a creamy and spice filled ice cream – Bhakti Chai Chip - using its signature fiery flavors and dark chocolate morsels.
About Bhakti Chai
Inspired from her travels to India studying a social movement based on Bhakti, founder and CEO Brook Eddy created Bhakti Chai concentrate and later the Iced Bhakti ready to drink bottles. Today, Bhakti Chai microbrews fiery chai made with consciously sourced ingredients, including fresh organic ginger and Fair Trade Certified tea. The company embraces Bhakti (devotion through social action) through its commitment to charitable donations, sustainable business practices, and is a certified B Corp. Bhakti Chai concentrate and ready-to-drink bottles are available at Whole Foods Markets, natural grocers, and café’s around the country.